In a recent interview with Indo-Asian News Service [IANS], KS Viswanathan, Vice President [Industry Initiative] of Nasscom, the apex body of the $154 billion IT BPM industry in India, remarked about blockchain technology in India. Vishwanathan says that by increasing output and lowering costs, blockchain technology has the capacity to build financial growth of up to $5 billion in the next 5 years.

KS Viswanathan said:

“The Blockchain ecosystem is evolving in India. Creating awareness on how this technology is simpler and easier to use with the existing social media and Cloud technology can go a long way in helping the country realize its potential.”

Established in 1988, Nasscom [National Association of Software and Services Companies] is a non-profit industry which has made a tremendous contribution to India’s employment, exports, infrastructure, global visibility and essentially its GDP.

Blockchain technology could potentially augment the speed of transactions while increasing its transparency based on the distributed data storage network. The technology is becoming popular because it has the capability of altering various sectors of the economy which comprises of the healthcare, travel and retail services as well as the Banking, Financial Services and Insurance [BFSI].

Although the technology carries such potential, organizations in India are wary of adopting it.